NextNav Inc.
- Open
- 15.55
- Day high
- 15.55
- Day low
- 15.12
- Prev close
- 15.87
- Volume
- 388K
- Mkt cap
- $2.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 7.7
- P/S
- 646.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$188K over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
NextNav Inc. (NN) is a Communication Services company listed on NASDAQ. The stock is down 13% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
NextNav Inc. (NN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $-0.15 | $-0.24 | -54.8% | $1M | +25.3% |
| May 14, 2026 | $-0.15 | $-0.12 | +20.0% | $995000 | +5.5% |
| Mar 17, 2026 | $-0.15 | $-0.13 | +13.3% | $945000 | +18.1% |
| Nov 6, 2025 | $-0.14 | $-0.12 | +14.3% | $887000 | +3.5% |
| May 9, 2025 | $-0.14 | $-0.15 | -7.1% | $2M | -3.3% |
| Mar 12, 2025 | $-0.15 | $-0.25 | -66.7% | $2M | +2.2% |
| Nov 13, 2024 | $-0.15 | $-0.11 | +26.7% | $2M | +45.4% |
| May 8, 2024 | $-0.14 | $-0.28 | -100.0% | $1M | -14.3% |
| Mar 13, 2024 | $-0.14 | $-0.15 | -7.1% | $1M | -1.2% |
| Mar 22, 2023 | $-0.17 | $-0.13 | +23.5% | $803000 | +52.2% |
| Nov 10, 2022 | $-0.15 | $-0.18 | -20.0% | $503000 | -79.2% |
| Aug 10, 2022 | $-0.11 | $-0.13 | -18.2% | $1M | +10.2% |
NN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | Shams Sammaadofficer: Chief Accounting Officer | Sell | 2,006 | $17.84 |
| Jun 26, 2026 | Insley Susan Brasseofficer: Chief Operating Officer | Sell | 2,370 | $17.13 |
| Jun 18, 2026 | Insley Susan Brasseofficer: Chief Operating Officer | Sell | 849 | $19.36 |
| Jun 18, 2026 | Sorond Mariamdirector, officer: CEO, President and Director | Sell | 2,830 | $18.33 |
| Jun 16, 2026 | Black James Sofficer: General Counsel | Sell | 1,878 | $22.96 |
| Jun 3, 2026 | Sorond Mariamdirector, officer: CEO, President and Director | Sell | 2,300 | $20.89 |
| Jun 3, 2026 | Sorond Mariamdirector, officer: CEO, President and Director | Sell | 67,553 | $19.89 |
| May 26, 2026 | MARCUS JONATHAN ANTHONYdirector | Grant | 7,550 | — |
| May 26, 2026 | CARANO BANDEL Ldirector | Grant | 7,550 | — |
| May 26, 2026 | MULETA JOHN Bdirector | Grant | 7,550 | — |
| May 26, 2026 | SUBIN NEIL Sdirector | Grant | 7,550 | — |
| May 26, 2026 | Selby Lorindirector | Grant | 7,550 | — |
| May 26, 2026 | Palmer Nicoladirector | Grant | 7,550 | — |
| May 26, 2026 | Howard Hugh Wyman IIIdirector | Grant | 7,550 | — |
| May 26, 2026 | Howe Alan Bdirector | Grant | 7,550 | — |
Source: NN SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full NN insider & 13F page →NextNav Inc. company profile
Overview
NextNav Inc. (NASDAQ:NN) is a positioning, navigation, and timing (PNT) technology company founded in 2007 and headquartered in McLean, Virginia. The company went public in November 2020 and specializes in developing terrestrial-based alternatives and complements to GPS systems. NextNav operates two primary technology platforms: Pinnacle, which provides 3D geolocation services in approximately 4,400 U.S. cities, and TerraPoiNT, an encrypted terrestrial network deployed in 51 markets nationally. The company positions itself as a critical infrastructure provider addressing national security vulnerabilities in GPS-dependent systems.
Business
NextNav operates in the positioning, navigation, and timing (PNT) technology sector, developing terrestrial-based location services that serve as backups and complements to satellite-based GPS systems. The company's core mission addresses a critical vulnerability: GPS signals can be jammed, spoofed, or disrupted, potentially crippling everything from emergency services to financial networks that rely on precise timing. The company operates two main technology platforms. Pinnacle is NextNav's 3D geolocation service that provides vertical positioning capabilities beyond traditional GPS, which typically only offers horizontal coordinates. This service is commercially available across approximately 4,400 cities and towns in the United States and is particularly valuable for emergency services (E911) that need to locate callers in multi-story buildings. TerraPoiNT represents NextNav's next-generation terrestrial PNT network, which uses encrypted signals transmitted from ground-based infrastructure to provide positioning and timing services independent of satellites. NextNav's business model centers on leveraging its valuable 900 MHz spectrum holdings to deliver these services. The company holds spectrum licenses covering approximately 3.5 billion MHz-POPs (megahertz population coverage), which provides the foundation for its terrestrial networks. The technology integrates with existing 5G infrastructure using software-based solutions that require minimal additional hardware, making deployment more cost-effective for wireless carriers and other partners. The company serves multiple market segments including wireless carriers for E911 services, government agencies for national security applications, and commercial customers requiring precise indoor positioning. Revenue is generated through service contracts, technology licensing, and spectrum utilization partnerships.
Revenue model
NextNav generates revenue through multiple streams centered around its positioning technology and spectrum assets. The primary revenue model involves service contracts with government agencies and commercial customers who require precise positioning and timing services. Recent earnings show the company earned $5.7 million in 2024, primarily driven by a Department of Transportation contract for testing 3D PNT technology and various commercial technology service agreements. The company's business model is built on leveraging its substantial 900 MHz spectrum holdings, which serve as both a revenue generator and the foundation for its terrestrial networks. NextNav can monetize this spectrum through direct service provision, licensing agreements with wireless carriers, and partnerships for network deployment. The company's strategy involves working with existing 5G network operators who can deploy NextNav's software-based positioning solutions with minimal additional infrastructure investment. Key paying customers include government agencies (particularly the Department of Transportation and other federal entities focused on national security), wireless carriers requiring E911 compliance, and commercial enterprises needing indoor positioning services. The company has agreements with five wireless carriers and continues expanding its customer base in public safety, gaming, and IoT sectors. Several factors influence NextNav's margins and revenue potential. Positive drivers include increasing government focus on PNT resilience following national security concerns, regulatory support from the FCC for terrestrial GPS alternatives, and growing demand for precise indoor positioning services. The company benefits from having limited direct competition in terrestrial PNT solutions and substantial spectrum assets that create barriers to entry. However, margin pressures come from high research and development costs, regulatory uncertainty around spectrum utilization rules, and the need for significant capital to scale network deployment. The company's current burn rate of approximately $12 million per quarter reflects these operational challenges while building toward commercial scale.
Competitive moat
NextNav's competitive moat is primarily built on its substantial spectrum assets and regulatory positioning, though this moat faces several challenges. The company's strongest defensive position comes from its 900 MHz spectrum holdings covering 3.5 billion MHz-POPs, which represents a scarce and valuable resource that would be extremely difficult and expensive for competitors to replicate. This spectrum is particularly valuable for PNT applications because low-frequency signals penetrate buildings better than higher frequencies, making them ideal for indoor positioning services. The company also benefits from first-mover advantage in terrestrial PNT solutions, having spent over 15 years developing its technology and building relationships with government agencies and wireless carriers. NextNav's regulatory relationships and ongoing FCC petition for rule-making to unlock spectrum for nationwide PNT networks create additional barriers, as navigating complex telecommunications regulations requires significant expertise and resources. However, NextNav's moat has notable weaknesses. The company faces technological disruption risks from alternative PNT solutions, including emerging low-earth orbit (LEO) satellite constellations that could provide more resilient space-based positioning. Large technology companies with substantial resources could potentially develop competing terrestrial solutions, particularly as 5G networks mature and positioning capabilities become more standardized. The company's dependence on regulatory approval for its spectrum utilization plans creates execution risk, as unfavorable FCC decisions could significantly impact the business model. Additionally, NextNav's limited revenue scale and ongoing losses make it vulnerable to well-funded competitors who could potentially acquire similar spectrum or develop alternative technologies. The company's moat is more regulatory and asset-based than technology-based, which means it could be challenged if the competitive landscape shifts or if regulatory priorities change. While NextNav has a defendable position today, the strength of this moat will ultimately depend on successful execution of its spectrum monetization strategy and continued regulatory support.
Risks & safety
NextNav presents a mixed margin of safety profile with strong liquidity but concerning operational metrics. **Liquidity and Solvency:** - Strong cash position of $150.4 million as of Q1 2025, providing substantial runway - Current ratio of 16.8 indicates excellent short-term liquidity - Recently secured $190 million in convertible notes, extending financial flexibility - Quarterly cash burn of approximately $12 million suggests roughly 3+ years of runway at current burn rate **Debt and Capital Structure:** - Debt-to-equity ratio of 2.59 appears high but reflects convertible note structure - New convertible notes carry 5% interest rate, maturing in 2028 - No immediate solvency concerns given cash position and debt maturity profile **Valuation Concerns:** - Negative EBITDA of -$59.8 million in Q1 2025 makes traditional valuation metrics unreliable - Price-to-book ratio of 37.7 suggests significant premium to tangible assets - Enterprise value reflects substantial spectrum asset value not captured in book value - Graham net-net of -0.55 indicates stock trades above liquidation value **Other Considerations:** - Pre-revenue stage company with minimal commercial traction ($1.5M quarterly revenue) - High operational risk due to regulatory dependence and unproven business model scalability - Substantial intellectual property and spectrum assets provide some asset backing
Recent development
Over the past few years, NextNav has undergone significant strategic evolution, transitioning from a traditional location services company to a national security-focused PNT infrastructure provider. The most significant development has been the company's regulatory campaign, culminating in filing a formal petition with the FCC for rule-making to unlock its 900 MHz spectrum for nationwide terrestrial PNT networks. This petition has received strong support from public safety organizations and generated over 1,800 filings, indicating substantial industry interest. The company has made major technology advances by developing 5G-integrated solutions that leverage existing cellular infrastructure. NextNav successfully demonstrated next-generation technology incorporating positioning reference signals (PRS) and completed timing synchronization field tests in Palo Alto, California. This software-based approach represents a strategic pivot toward solutions that require minimal additional hardware from network operators, making deployment more economically viable. NextNav strengthened its financial position through a $190 million convertible note financing with EMCOR Capital and Fortress Investment Group in early 2024, providing substantial runway for operations and regulatory activities. The company also restructured its workforce, reducing headcount by approximately 20% to focus resources on core strategic objectives. Key personnel additions include hiring Renee Gregory as VP of Regulatory Affairs and adding two Rear Admirals to the board of directors, reflecting the company's increasing focus on national security applications. The appointment of Sanyogita Shamsunder as COO and Nikki Palmer to the board brings additional operational and 5G expertise. The company has expanded its government relationships, securing a $1.9 million Department of Transportation contract to test 3D PNT technology and engaging with agencies like NTIA and the Association of American Railroads. These developments position NextNav as a key player in national discussions about GPS vulnerability and infrastructure resilience.
NN company profile · for informational purposes only — not investment advice.
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